The President speaks out against corporate inversions.
FOX's Jon Decker has more from the White House:
The President hailed a move by the Treasury Department to crack down on so-called "corporate inversions" by limiting the ability of American businesses with overseas parent companies to avoid paying U.S. taxes:
(President Obama) "When companies exploit loopholes like this, it makes it harder to invest in the things that are going to keep America's economy going strong for future generations."
U.S. companies, through corporate inversions, have reduced their tax liability by transferring debt to their foreign owners.
The new Treasury Department rules may put a roadblock in front of several high-profile mergers, including Pfizer's $160 billion agreement to buy Allergan.
At the White House, Jon Decker, FOX News.